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maryjanewagner · 4 months ago

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My Time in New Haven / Yale

I want to make it clear that I did not officially study at Yale and my time there wasn't due to my academic achievements. Instead, I was fortunate to spend three months in New Haven because my best friend is a fellow at Yale.

Back in September of last year, I was juggling numerous responsibilities in New Haven. I was pet-sitting, occasionally babysitting, and sometimes house-sitting. I was also interning at a local refugee resettlement NGO called IRIS, which does fantastic work. Additionally, I attended lectures whenever I could. I simply asked the professors if I could join their classes; some declined, but others were happy to have me. I never missed a class with Frank Griffel on Islamic Law and thoroughly enjoyed participating in Elisabeth Wood's seminar on Contesting Injustice.

September in New Haven was hot, but I was fortunate enough to witness the leaves change colors throughout the month. I quickly found my favorite hangouts: G-Café, Atticus, but especially Book Trader. I even managed to get myself a bicycle for commuting between Wooster Square and East Rock, thanks to a post on Reddit. However, one month was far too short to fully enjoy everything. I knew I had to return soon, especially to see my closest friend again.

In the law lounge / The delicious baked goods at Book Trader / Woolsey Hall in Schwarzman Center

My winter was lonely, with little progress at university and nothing really keeping me at home. So, I decided to head back to the U.S. again. Flights were incredibly cheap—I paid just 150 Euros for a direct flight from Berlin to JFK. Since I was subletting my dorm room and didn't have to pay rent in New Haven, staying with my friend this time instead of a host family, I would actually save money by being in the U.S. rather than staying here.

a lovely New English house / The view from Common Grounds / The path next to the Grove Street Cementary

In February, New Haven greeted me with a blizzard, the likes of which I hadn’t seen in years. Determined to make this stay productive, I approached it as a form of self-care and a luxury retreat, even though my accommodation was far from luxurious. I stayed in my friend's law school dorm, sleeping on his carpet after the air mattress his suite mate kindly provided turned out to be broken. Adaptable as ever, I had no trouble making do with the floor.

I depended on my friend to access buildings since I needed his ID or had to sneak in. Still, I aimed to be as independent and busy as possible. I managed to get a bicycle again, this time a racing bike loaned to me by a generous neurology researcher. With newfound mobility, I quickly started exploring the city and surrounding areas. I rode 20 miles on the New Haven Northampton Canal Greenway until the snowy path made further progress impossible.

Attending lectures became a significant part of my routine. I registered for several classes, but the ones I frequently attended were "Politics Without Politicians" with Helene Landemore and "Capitalism as Religion" with Paul North. I also made a point to attend every intriguing talk I could. The most memorable was a European Studies Council talk hosted by Seyla Benhabib, featuring Hans Kundnani and Dmitry Kochenov. Before leaving for Germany, I bought Kochenov's "Citizenship" from Barnes & Noble and spontaneously emailed him to request a signature, which he kindly agreed to. We even exchanged some friendly emails after I returned home. That was such a wonderful experience!

During this stay, I managed to develop a daily routine. I would ride my bicycle, visit dining halls for lunch or dinner, attend lectures, or spend time at Book Trader. Through dating apps, I met some new people, one of whom invited me to Mory's, the legendary club and restaurant. Soon after, I met a guy who is now my boyfriend. Our first date was during my second week, and as the weeks passed, we met more frequently. Together, we explored new bars and pubs, and now I can confidently say I know all the good ones in town. My favorite is The Owl on College Street, a cigar lounge with live jazz music every evening. The band that performs on Wednesday nights is my absolute favorite. I feel very nostalgic thinking about those cold nights, sipping wine in that smoky bar—the smoke having a pleasant, almost vanilla-like aroma.

In a study lounge of a college / watching my favourite jazz band / the smokey lounge

During my stay, I grew attached to New Haven. Though at times I felt out of place—having no official residence, no key to a personal door, and no courses I was officially enrolled in—it was still the only foreign city where I had spent a significant amount of time. New Haven is far from perfect. The city grapples with high levels of crime and homelessness, starkly evident despite being home to a prestigious private university, or perhaps partly because of it. Sirens were a constant background noise, and one night I stumbled upon a crime scene where a shooting had just occurred. On another occasion, I called the police about boys breaking into a car in Wooster Square, only to find they didn’t seem to care.

It would be wrong to idealize New Haven; its imperfections and dangers remind me a lot of my hometown in Germany. Locals often say not to venture past the Popeyes on State Street, as the area becomes increasingly unsafe. Despite this, I spent a week dog-sitting in Beaver Hills and crossed that street several times a day. The change in the neighborhood's atmosphere is indeed stark, but it's possible to fit in if you don’t act overly conspicuous.

However, I miss New Haven deeply. I feel a profound melancholy for the various parts of the city. Wooster Square, where I sampled all the famous American pizzas; East Rock, where I interned, enjoyed walks, and eventually visited my boyfriend; Baker Hall, with its distinct clean, homey, and warm scent, and classrooms where I spent nights reading, writing, or having dinner with my friend; and Beaver Hills, with its grand houses and the adorable greyhound Mango that I cared for.

I am endlessly happy knowing I will return to New Haven sooner or later, especially since my boyfriend's mother lives there. Additionally, my friend recently found a room in a shared flat in Cambridge, Boston, so I hope to explore that area soon as well. To wrap this up, here are some pictures from my stay:

Bathroom Selfie / Mango, the bike and me in front of law school / Me in my friend's office in law school, assisting him from time to time

Me in the law library

#academia #student life #diary #journal #studyblr #places #dark academia

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iamthepulta · 30 days ago

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Hi! If you're still answering questions about Ea Nasir, do you know anything about how the translation job got done? Or have any sources referring to the translation of akkadian cuneiform, with regard (but not necessarily) writing used in trade business?

I do! Please feel free to elaborate more if you have specific questions.

I highly recommend Chen, 2021: Sumerian Arsenic Copper and Tin Bronze Metallurgy (5300-1500 BC) for a start. They highlight a few dozen trade words, along with a fairly complete overview of copper metallurgy, which could be helpful if you're new to processing.

If you dig a little deeper, you'll notice that a good 90% of the sources Chen references are from Levey, a mid-20th Century chemist who had an (absolutely valid) fascination with Golden-Age Islamic and Mesopotamian chemistry and trade. They've written about 15 papers, 10 of which I haven't read yet, but all of them discuss trade processes and are well-researched and well-written. However, without knowing Akkadian myself, it's very difficult to validate how correct his interpretations were and if they hold up today. I can verify his chemistry is correct though. JSTOR has most of his papers, and there's at least three copies of "Chemistry Technology of Ancient Babylonia" floating around in libraries around the US. I have one checked out right now, haha. If you're investigating the influence of translation qualities as a whole, you might start here.

I think the only other source you'd find interesting is Leemans, 1960: Foreign Trade in the Old Babylonia Period. Unfortunately, as far as I know, it's only available on Internet Archive. Leemans is the original/most popular translation of Nanni's complaint, and I believe he did the translation with occasional comments from other researchers in the footnotes. If you're investigating the word choices and translation quality specific to Ea-Nasir, I'd start here first.

Strictly on Ea-Nasir, if you're interested in the original archaeological works, good fucking luck, lol. I have a feeling "House IV" and "Old St. 1" are mixed up in the British Museum Archives, or there's additional context lost because it was where Woolley started his excavation on H-area and they changed the street name later. But you can find the original tablet reference (and associated archival numbers) here:

Figulla, H. H., and W. J. Martin. Ur Excavations Texts V: Letters and Documents of the Old-Babylonian Period. Vol. 5. Publications of the Joint Expedition of the British Museum and of the Museum of the University of Pennsylvania to Mesopotamia, 1953.

(^ This is available via inter-library loan, but not online as far as I know. It's very useful for referencing things on Ur Online, maybe even the most helpful because of how long Ur Online's system takes to load. :') )

Last but not least, SumerianLanguage on tumblr did a brief review of Akkadian that I found in Forbes, 1950: Metallurgy in Antiquity. Given the above sources, you might also find this a good starting point, although it focuses on copper translations and not trade as a whole.

#asks answered #Hope this helped!#Levey is literally the GOAT

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religion-is-a-mental-illness · 5 months ago

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There are pro-Hamas, pro-regime morons on social media uncritically regurgitating this in order to justify the actions of the Hamas freedom fighters terrorist organization, while ignoring the fact the regime is executing its own citizens for holding the kind of protests that these brain-dead useful idiots stage every day.

But let's take a moment to read what it actually says, and importantly, what it means.

Firstly, here's what it actually says:

https://quranx.com/2.279

And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged.

Of all fourteen translations on QuranX, only one uses the word "oppress"; Ahmed Ali:

If you do not, beware of war on the part of God and His Apostle. But if you repent, you shall keep your principal. Oppress none and no one will oppress you.

So, that's disingenuous from the outset. But what does "if you do not" mean? "if you do not" what? What's it referring to?

https://quranx.com/2.278

O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers.

What does this actually mean? Let's consult the tafsirs (exegesis):

https://quranx.com/Tafsir/Jalal/2.278

O you who believe, fear God, and give up, abandon, the usury that is outstanding, if you are believers, true to your faith, since it is expected of the believer that he adhere to God’s command: this was revealed when some of the Companions, after the prohibition, wanted to reclaim some of the usury from before.

https://quranx.com/Tafsir/Jalal/2.279

But if you do not, do what you have been commanded, then be warned, have knowledge, of war from God, and His Messenger, against you: herein is a grave threat for them. When it was revealed, they said, ‘What power can we have in a war against Him!’ Yet if you repent, and forgo it, you shall have your principal sums, the original amounts, not being unjust, by charging interest, and no injustice being done to you, by way of any diminution.

Here's another tafsir:

https://quranx.com/Tafsir/Abbas/2.278

(O ye who believe!) the reference here is to the sons of 'Amr Ibn 'Umayr Ibn 'Awf al-Thaqafi, [and they were four brothers:] Mas'ud [Ibn 'Amr], Hubayb [Ibn 'Amr], 'Abd Yalayl [Ibn 'Amr] and Rabi'ah [Ibn 'Amr] (observe your duty to Allah) fear Allah regarding usury, (and give up what remaineth (due to you) from usury) leave that which the Banu Makhzum owe you of usury, (if ye are (in truth) believers) if you really believe in the prohibition of usury.

https://quranx.com/Tafsir/Abbas/2.279

(And if ye do not) if you do not abstain from usury, (then be warned of war (against you) from Allah and His Messenger) then be ready for a torment from God in the Hereafter by means of the Fire and its chastisement and also be ready for the sword from His Messenger in the life of this world. (And if ye repent) from usury, (then ye have your principal (without interest)) that is owed to you by the Banu Makhzum. (Wrong not) anyone by demanding interest, (and ye shall not be wronged) by anyone if they give you back your capitals; it is also said that 'wrong not' means: do not harm others; and 'you shall not be wronged' meaning: you shall not be harmed because of your debts.

It's in reference to "riba," aka "usury."

https://en.wikipedia.org/wiki/Riba

Riba is an Arabic word used in Islamic law and roughly translated as "usury": unjust, exploitative gains made in trade or business. Riba is mentioned and condemned in several different verses in the Qur'an (3:130, 4:161, 30:39, and most commonly 2:275-2:280). It is also mentioned in many hadith (reports of the life of Muhammad).

[..]

Definitions of riba include:

• Unjustified increment in borrowing or lending money, paid in kind or in money above the amount of loan, as a condition imposed by the lender or voluntarily promised by the borrower. This is called fiqh riba al-duyun (debt usury) (Abdel-Rahman Yousri Ahmad). • Unequal exchange. In addition to loan interest, this can include the exchange of nonequivalent quantities of goods (riba al-fadl) or unequal exposure to risk (Olivier Roy). • All forms of interest, "any excess on the principal sum of loan", i.e. any and all interest, irrespective of how much is lent, whether the borrower is rich or poor, or the use of the loan for investment or for consumption. Some translations of verses of the Quran substitute the word "interest" for riba or "usury". This is the "orthodox"[26] or "conservative" view of classical jurists, as well as revivalists such as Abul A'la Maududi.

So, what it's actually saying is that if you honor Allah's commandment to forego usury, you take what's fair to you, you do not exploit anyone and they do not exploit you. You will be granted your rewards by Allah, you do not take them yourself from others or you'll be punished in hell.

Khamenei absolutely fucking knows this. This shows both how manipulative and dishonest the regime is, and how absolutely brain-dead dumb-as-fuck gullible western Islamic apologists are.

This took me five minutes to look up. Fuck's sake...

😩

#islam #ayatollah khamenei #Ali Khamenei #iran #quran #usury #riba #iranian regime #islamic regime #religion #religion is a mental illness

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money-matters-mortgage · 1 year ago

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smqazi · 10 days ago

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WARNING!

THE SO-CALLED ISLAMIC REPUBLIC OF PAKISTAN HAS DECLARED A WAR ON ALLAH (SUBHANAHU WA TA’ALA)) AND HIS LAST PROPHET MUHAMMAD (SALLALLAHU “ALAIHI WA SALLAM) BY ENCOURAGING THE MUSLIM UMMAH TO GIVE AND TAKE RIBA’, WHICH IS FORBIDDEN. THEREFORE IT IS RESPONSIBLE FOR THE CONSEQUENCES AND PUNISHMENT AS PRESCRIBED IN THE HOLY QUR’AM AND TRADITIONS OF PROPHET MUHAMMAD (SALLALLAHU “ALAIHI WA SALLAM) (SUNNAH OF THE PROPHET). PERIOD!

Allah (Subhanahu wa Ta’ala) does not declare war

on any sinner in Holy Qur’an except the one who partakes in Riba’

(Surah al-Baqarah 2, Ayah 279),

Riba (Arabic: ربا ,الربا، الربٰوة, Ribā’ or al-Ribā’, IPA: [ˈrɪbæː]) is an Arabic word used in Islamic law and roughly translated as "usury": unjust, exploitative gains made in trade or business. Riba’ is mentioned and condemned in several different verses in the Holy Quran (3:130, 4:161, 30:39, commonly 2:275-2:280). It is also mentioned in many hadith [reports of the life of Muhammad (SallAllahu ‘alahi wa Sallam)], most commonly in Surah al-Baqarah, Ayaat 275-280.

While Muslims agree that Riba’ is prohibited, not all agree on what precisely it is. It is often used to refer to interest charged on loans, and the widespread belief among Muslims that all loan or bank interest in Riba forms the basis of the $2 trillion Islamic banking industry.[7]

However, not all Islamic scholars have equated riba; with all forms of interest, nor do they agree on whether Riba’ is a major sin or simply discouraged (makruh), or whether it is in violation of Shari’ah law to be punished by humans rather than by God Almighty.

The primary form of Riba’ is the interest or other increase on a loan of cash, known as Riba’ an-nasiya. Most Islamic jurists acknowledge another type of Riba’, the simultaneous exchange of unequal quantities or qualities of some commodity, known Riba’ al-fadl.

YOU HAVE BEEN WARNED!

Enjoining good and forbidding wrong, ٱلْأَمْرُ بِٱلْمَعْرُوفِ وَٱلنَّهْيُ عَنِ ٱلْمُنْكَرِ , which are two (2) important duties imposed by Allah (Subhanahu wa Ta’ala) in Islam, as revealed in the Holy Quran and Hadith:

Holy Qur’an Surah 3, Ayaat 104,110

Holy Qu’ran Surah 5, Ayah 105

Holy Qur’an Surah 9, Ayaat 71, 112

Holy Qur’an Surah31, Ayah 17

Let it be known that I have fulfilled my duty as a Muslim as Allah (Subhanahu wa Ta’ala) says in the Holy Qur’an وَذَكِّرْ فَإِنَّ الذِّكْرَىٰ تَنفَعُ الْمُؤْمِنِينَ: Surah Adh-Dhariyat, Ayah 55, to remind you to please refrain from giving or taking Riba’ for your own good in both the worlds. If you do otherwise, please be ready to face the consequences both in this world and in the Hereafter.

Allah (Subhanahu wa Ta’ala) is my Witness on this day and will also be my Witness on the Day of Judgement that I have passed His Message to the Ummah of Prophet Muhammad (SallAllahu ‘alahi wa Sallam). honestly and sincerely, to the best of my information, knowledge and understanding.

May (Allahu (Subhanahu wa Ta’ala) guide us, Ameen, make us good Muslims and have Mercy on us and save us from the Hell fire, Thumma Ameen.

The Necessity of Taqwa and Avoiding Riba’

Most of the Muslim Rulers, their countries and their people are CORRUPT down to the core. Citizens complain loudly, but what they mean by corruption, and what forms of corruption they want to be fought, is a highly confused and confusing matter.

People appear to believe that the responsibility for fighting corruption lies elsewhere, and that they are neither part of the problem nor part of the solution, even when they evade taxes or ask for bribes before they will discharge their duty.

All of these countries need a revolution to get rid of all corrupt rulers, people, armies, establishment, judges, and lawyers In shaa Allah!.

Muslim Rulers, nations and people are being punished all over the Islamic world, without knowing and understanding that they cannort win this war against Allah (Subhanahu wa Ta’ala) and His Last Prophet Muhammad (SallAllahu ‘alaihi wa Sallam)’ We shouldrepent and ask forgiveness from Him.

He says in the Holy Qur’an:

قُلْ يَا عِبَادِيَ الَّذِينَ أَسْرَفُوا عَلَىٰ أَنفُسِهِمْ لَا تَقْنَطُوا مِن رَّحْمَةِ اللَّهِ ۚ إِنَّ اللَّهَ يَغْفِرُ الذُّنُوبَ جَمِيعًا ۚ إِنَّهُهُوَ الْغَفُورُ الرَّحِيمُ

Say, ˹O Prophet, that Allah says,˺ “O My servants who have exceeded the limits against their souls! Do not lose hope in Allah’s mercy, for Allah certainly forgives all sins. He is indeed the All-Forgiving, Most Merciful. (Surah Az-Zumar, 33, Ayah 53),

Allah (Subhanahu wa Ta’ala) commands His believing servants to fear Him and warns them against what would bring them closer to His anger and drive them away from His pleasure.

Allah (Subhanahu wa Ta’ala) said,

يأَيُّهَا الَّذِينَ ءَامَنُواْ اتَّقُواْ اللَّهَ

(O you who believe! Have Taqwa of Allah) meaning, fear Him and remember that He is watching all that you do.

وَذَرُواْ مَا بَقِىَ مِنَ الرِّبَواْ

(And give up what remains of Riba) meaning, abandon the Riba that people still owe you upon hearing this warning,

إِن كُنتُم مُّؤْمِنِينَ

(if you indeed have been believers) believing in the trade that He allowed you and the prohibition of Riba.

Zayd bin Aslam, Ibn Jurayj, Muqatil bin Hayyan and As-Suddi (RadiyAllahu ‘anhum) said that this Ayah was revealed about Bani `Amr bin `Umayr, a sub-tribe of Thaqif, and Bani Al-Mughirah, from the tribe of Bani Makhzum, between whom were outstanding transactions of Riba leftover from time of Jahiliyyah. When Islam came and both tribes became Muslims, Thaqif required Bani Al-Mughirah to pay the Riba of that transaction, but Bani Al-Mughirah said, "We do not pay Riba in Islam." `Attab bin Usayd (RadiyAllahu ‘anhu), the Prophet's deputy on Makkah, wrote to the Messenger of Allah (SallAllahu ‘alahi wa Sallam) about this matter. This Ayah was then revealed and the Messenger of Allah (SallAllahu ‘alahi wa Sallam) conveyed it to `Attab (RadiyAllahu ‘anhu),

يأَيُّهَا الَّذِينَ ءَامَنُواْ اتَّقُواْ اللَّهَ وَذَرُواْ مَا بَقِىَ مِنَ الرِّبَواْ إِن كُنتُمْ مُّؤْمِنِينَ

فَإِن لَّمْ تَفْعَلُواْ فَأْذَنُواْ بِحَرْبٍ مّنَ اللَّهِ وَرَسُولِهِ

(O you who believe! Be afraid of Allah (Subhanahu wa Ta’ala) and give up what remains (due to you) from Riba’ (from now onward), if you are (really) believers. And if you do not do it, then take a notice of war from Allah (Subhanahu wa Ta’ala) and His Messenger (SallAllahu ‘alahi wa Sallam).

They said, "We repent to Allah (Subhanahu wa Ta’ala) and abandon whatever is left of our Riba", and they all abandoned it This Ayah serves as a stern threat to those who continue to deal in Riba’ after Allah (Subhanahu wa Ta’ala) revealed this warning.

Riba’ Constitutes War Against Allah Subhanahu wa Ta’ala) and His Last Messenger (SallAllahu ‘alahi wa Sallam).

Ibn Jurayj (RadiyAllah ‘anhu) said that Ibn `Abbas (RadiyAllah ‘anhumaa) said that,

فَأْذَنُواْ بِحَرْبٍ

(then take a notice of war) means, "Be sure of a war from Allah (Subhanahu wa Ta’ala) and His Messenger (SallAllahu ‘alahi wa Sallam)." He also said, "On the Day of Resurrection, those who eat Riba’ will be told, `take up arms for war."' He then recited,

فَإِن لَّمْ تَفْعَلُواْ فَأْذَنُواْ بِحَرْبٍ مِّنَ اللَّهِ وَرَسُولِهِ

And if you do not do it, then take a notice of war from Allah (Subhanahu wa Ta’ala) and His Messenger (SallAllahu ‘alahi wa Sallam.

`Ali bin Abi Talhah (RadiyAllah ‘anhu) said that Ibn `Abbas (RadiyAllah ‘anhumaa) said about it,

فَإِن لَّمْ تَفْعَلُواْ فَأْذَنُواْ بِحَرْبٍ مِّنَ اللَّهِ وَرَسُولِهِ

[And if you do not do it, then take a notice of war from Allah (Subhanahu wa Ta’ala) and His Messenger (SallAllahu ‘alahi wa Sallam)] "Whoever kept dealing with Riba’ and did not refrain from it, then the Muslim Leader should require him to repent. If he still did not refrain from Riba’, the Muslim Leader should cut off his head.”

Allah (Subhanahu wa Ta’ala) then said,

وَإِن تُبتُمْ فَلَكُمْ رُءُوسُ أَمْوَلِكُمْ لاَ تَظْلِمُونَ

(But if you repent, you shall have your capital sums. Deal not unjustly) by taking the Riba’,

وَلاَ تُظْلَمُونَ

(And you shall not be dealt with unjustly) meaning, your original capital will not diminish. Rather, you will receive only what you lent without increase or decrease. Ibn Abi Hatim (RadiyAllahu ‘anhu) recorded that `Amr bin Al-Ahwas (RadiyAllahu ‘anhu) said, "The Messenger of Allah (SallAllahu ‘alahi wa Sallam) gave a speech during the Farewell Hajj saying;

«أَلَا إِنَّ كُلَّ رِبًا كَانَ فِي الْجَاهِلِيَّةِ، مَوْضُوعٌ عَنْكُمْ كُلُّهُ، لَكُمْ رُؤُوسُ أَمْوَالِكُم لَا تَظْلِمُونَ وَلَاتُظْلَمُونَ، وَأَوَّلُ رِبًا مَوْضُوعٍ، رِبَا الْعَبَّاسِ بْنِ عَبْدِالْمُطَّلِبِ مَوْضُوعٌ كُلُّه»

(Verily, every case of Riba from the Jahiliyyah is completely annulled. You will only take back your capital, without increase or decrease. The first Riba that I annul is the Riba of Al-`Abbas bin `Abdul-Muttalib (RadiyAllahu ‘anhu), all of it is annulled.)

REFERENCES:

https://www.al-islam.org/inner-voice-sayyid-saeed-akhtar-rizvi/amr-bil-maaroof

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drmaqazi · 14 days ago

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WARNING!

THE SO-CALLED ISLAMIC REPUBLIC OF PAKISTAN HAS DECLARED A WAR ON ALLAH (SUBHANAHU WA TA’ALA)) AND HIS LAST PROPHET MUHAMMAD (SALLALLAHU “ALAIHI WA SALLAM) BY ENCOURAGING THE MUSLIM UMMAH TO GIVE AND TAKE RIBA’, WHICH IS FORBIDDEN. THEREFORE, IT IS RESPONSIBLE FOR THE CONSEQUENCES AND PUNISHMENT AS PRESCRIBED IN THE HOLY QUR’AN AND TRADITIONS OF PROPHET MUHAMMAD (SALLALLAHU “ALAIHI WA SALLAM) (SUNNAH OF THE PROPHET). PERIOD!

Allah (Subhanahu wa Ta’ala) does not declare war

on any sinner in Holy Qur’an except the one who partakes in Riba’

(Surah al-Baqarah 2, Ayah 279),

YOU HAVE BEEN WARNED!

Holy Qur’an Surah 3, Ayaat 104,110

Holy Qu’ran Surah 5, Ayah 105

Holy Qur’an Surah 9, Ayaat 71, 112

Holy Qur’an Surah31, Ayah 17

May (Allahu (Subhanahu wa Ta’ala) guide us, Ameen, make us good Muslims and have Mercy on us and save us from the Hell fire, Thumma Ameen.

The Necessity of Taqwa and Avoiding Riba’

All of these countries need a revolution to get rid of all corrupt rulers, people, armies, establishment, judges, and lawyers In shaa Allah!.

He says in the Holy Qur’an:

Allah (Subhanahu wa Ta’ala) commands His believing servants to fear Him and warns them against what would bring them closer to His anger and drive them away from His pleasure.

Allah (Subhanahu wa Ta’ala) said,

يأَيُّهَا الَّذِينَ ءَامَنُواْ اتَّقُواْ اللَّهَ

(O you who believe! Have Taqwa of Allah) meaning, fear Him and remember that He is watching all that you do.

وَذَرُواْ مَا بَقِىَ مِنَ الرِّبَواْ

(And give up what remains of Riba) meaning, abandon the Riba that people still owe you upon hearing this warning,

إِن كُنتُم مُّؤْمِنِينَ

(if you indeed have been believers) believing in the trade that He allowed you and the prohibition of Riba.

فَإِن لَّمْ تَفْعَلُواْ فَأْذَنُواْ بِحَرْبٍ مّنَ اللَّهِ وَرَسُولِهِ

Riba’ Constitutes War Against Allah Subhanahu wa Ta’ala) and His Last Messenger (SallAllahu ‘alahi wa Sallam).

Ibn Jurayj (RadiyAllah ‘anhu) said that Ibn `Abbas (RadiyAllah ‘anhumaa) said that,

فَأْذَنُواْ بِحَرْبٍ

فَإِن لَّمْ تَفْعَلُواْ فَأْذَنُواْ بِحَرْبٍ مِّنَ اللَّهِ وَرَسُولِهِ

And if you do not do it, then take a notice of war from Allah (Subhanahu wa Ta’ala) and His Messenger (SallAllahu ‘alahi wa Sallam.

`Ali bin Abi Talhah (RadiyAllah ‘anhu) said that Ibn `Abbas (RadiyAllah ‘anhumaa) said about it,

فَإِن لَّمْ تَفْعَلُواْ فَأْذَنُواْ بِحَرْبٍ مِّنَ اللَّهِ وَرَسُولِهِ

Allah (Subhanahu wa Ta’ala) then said,

وَإِن تُبتُمْ فَلَكُمْ رُءُوسُ أَمْوَلِكُمْ لاَ تَظْلِمُونَ

(But if you repent, you shall have your capital sums. Deal not unjustly) by taking the Riba’,

وَلاَ تُظْلَمُونَ

REFERENCES:

https://www.al-islam.org/inner-voice-sayyid-saeed-akhtar-rizvi/amr-bil-maaroof

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sandraps · 16 days ago

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Dubai's Financing Opportunities

Dubai is a major worldwide financial center with a wide range of financing solutions. It is renowned for its futuristic cityscape and vibrant corporate environment. Dubai draws businesses, entrepreneurs, and investors from all over the world with its booming investment markets and strong financial infrastructure. Dubai has made a name for itself as a leading place for financial services and expansion thanks to its advantageous tax environment, advantageous location, and pro-business laws.

Financial Services Available in Dubai

Corporate Banking: Dubai’s banking sector offers corporate banking services designed to meet the diverse needs of businesses. From working capital financing to treasury management, these services support businesses in managing their financial operations effectively.

Wealth Management and Investment Services: Wealth management firms in Dubai offer solutions for high-net-worth individuals and families. These services include asset management, financial planning, and investment advisory, tailored to maximize wealth and protect assets.

Real Estate Financing: With a booming real estate sector, Dubai provides financing options for residential, commercial, and mixed-use developments. Both local and international investors can access loans and mortgages to capitalize on the property market.

Trade and Export Financing: Dubai’s strategic location makes it a global trade hub. Various financial institutions provide trade financing solutions, including letters of credit, export credit, and working capital loans to facilitate international trade.

In conclusion

The financial environment in Dubai is a varied ecosystem that offers a wealth of chances for investors, entrepreneurs, and companies. Dubai's services, which include corporate banking and Islamic finance, serve a global clientele with a range of financial requirements. Dubai's financial industry is expected to continue to be a top option for anyone wishing to grow their business or find investment in the area as long as the government continues to promote it, fintech is given strategic attention, and sustainable finance is adopted.

#investment #money #consulting #management #investing #business #opportunities

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azeezahmed815 · 17 days ago

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Maximizing the Impact of Your Zakat Donation with a Zakat Calculator

Zakat is more than just an obligatory charity; it is one of the Five Pillars of Islam, forming a foundation of spiritual growth, social responsibility, and financial equity. In a world where billions suffer from poverty, malnutrition, and lack of access to essential services, zakat serves as a beacon of hope, uplifting entire communities. For Muslims around the world, paying zakat isn’t just a way to fulfill an obligation — it’s a way to make a lasting, positive impact.

As the blessed month of Ramadan draws near each year, Muslims often reflect on the importance of zakat and its role in society. Ensuring you are fulfilling your zakat obligations accurately can be simplified with resources like a zakat calculator. With the assistance of a reliable charity, like Muslim Charity, you can feel confident that your zakat donation reaches those who need it most. Let’s explore why zakat is essential, how to calculate it accurately, and how you can maximize the impact of your zakat charity.

Understanding Zakat: A Pillar of Faith and Generosity

Derived from the Arabic root word meaning “to purify” or “to grow,” zakat serves as a reminder of the importance of compassion, empathy, and financial responsibility. It involves donating 2.5% of one’s accumulated wealth annually to eligible recipients, as specified in the Quran. This obligatory form of charity helps purify a Muslim’s income and wealth, instilling discipline and mindfulness in handling resources. Beyond personal purification, zakat builds a just and compassionate society by redistributing wealth to ensure everyone has the means to live a dignified life.

The categories of those eligible to receive zakat, known as asnaf or eight categories, are laid out in the Quran:

The poor (al-fuqara),

The needy (al-masakin),

Administrators of zakat,

Those whose hearts are to be reconciled,

Freeing those in bondage,

Those in debt,

For the cause of Allah, and

Travelers in need.

The fundamental aim of zakat is to bridge the gap between rich and poor, reduce social inequalities, and bring about a balanced society. By contributing your zakat donation wisely, you can be a catalyst for positive change within communities that are most vulnerable.

How to Calculate Zakat: Using a Zakat Calculator

Calculating zakat can sometimes seem challenging due to the various assets and liabilities that need to be considered. Many Muslims are often unsure about what to include, whether it’s cash savings, gold, silver, investments, business inventory, or even debts they owe. That’s why using a zakat calculator can be incredibly helpful.

A zakat calculator simplifies the calculation by breaking it down into specific sections that align with your financial situation. Here’s how you can use a zakat calculator to ensure accurate results:

Determine the Nisab Threshold: The nisab is the minimum amount of wealth a Muslim must have before they are obligated to pay zakat. This threshold is equivalent to the value of 87.48 grams of gold or 612.36 grams of silver. The nisab can fluctuate due to changes in market value, so make sure to check the current values. Muslim Charity’s zakat calculator automatically updates these values, providing you with accurate information.

Calculate Eligible Assets:

Cash and Bank Balances: Include all cash in hand, savings, and balances in both personal and business accounts.

Gold and Silver: Calculate the total value of gold and silver, including jewelry if it exceeds personal use.

Investments: Include investments such as stocks, bonds, or mutual funds that have gained value.

Business Inventory: If you own a business, your zakat donation should include the market value of goods in stock.

Subtract Liabilities: Any debts that you are obligated to pay within the current year can be subtracted from your total wealth. These may include unpaid bills, loans, or any other financial commitments.

Calculate the Zakat Amount: With all assets totaled and liabilities deducted, the zakat calculator will calculate 2.5% of the remaining balance. This final figure represents the zakat you need to pay for the year.

Benefits of Using a Zakat Calculator

A zakat calculator is not only accurate but also convenient. It enables you to save time, ensures accurate results, and gives you peace of mind, knowing that your zakat donation meets Islamic guidelines. By using a zakat calculator on the Muslim Charity website, you can be confident that your calculations are precise, and your zakat obligations are met fully and correctly.

Zakat Charity: Maximizing Your Impact with Muslim Charity

Once you have calculated your zakat, the next step is to ensure that it reaches those in need effectively. Muslim Charity is dedicated to providing zakat charity services to help fulfill Islamic obligations while addressing pressing humanitarian needs worldwide. With decades of experience, our projects and initiatives focus on sustainable change, aiming to empower communities and uplift families from poverty.

Areas Where Your Zakat Donation Can Make a Difference:

Emergency Relief: During crises such as natural disasters, wars, or famines, emergency relief is crucial. Muslim Charity’s emergency relief programs provide food, water, shelter, and medical aid to those affected by calamities. By directing your zakat to these efforts, you can save lives in the most critical situations.

Education: Education empowers individuals and uplifts families out of poverty. Muslim Charity’s educational projects provide access to quality learning resources, scholarships, and school supplies, ensuring children have the tools to create a brighter future.

Healthcare Services: Millions lack access to essential healthcare. By contributing to Muslim Charity’s healthcare programs, your zakat can fund hospitals, clinics, and medical supplies for communities in need.

Water and Sanitation: Access to clean water and sanitation is a basic right. Your zakat donation can help build wells, provide hygiene kits, and improve sanitation facilities in areas where clean water is scarce.

Sustainable Livelihoods: Muslim Charity’s livelihood projects empower families with skills training, financial support, and small business grants. These initiatives enable families to earn a stable income, breaking the cycle of poverty.

FAQs about Zakat and Zakat Donations

Q: Can I pay zakat to my relatives? Yes, you may give zakat to eligible relatives who are not directly dependent on you, as long as they fall under one of the eight zakat categories specified in the Quran. This can be a meaningful way to help family members in need while fulfilling your religious duty.

Q: How often should I use a zakat calculator? It’s advisable to calculate zakat annually, typically during Ramadan, though you may use the zakat calculator at any time. Regular use of a zakat calculator can help track any changes in assets and liabilities, ensuring accuracy.

Q: How can I ensure my zakat donation is used ethically? By choosing a trusted organization like Muslim Charity, you can be assured your zakat donation is managed responsibly. Muslim Charity operates with full transparency and adheres to strict guidelines, making it easier for donors to track their contributions’ impact.

Conclusion

Paying zakat is a deeply fulfilling act that strengthens your relationship with Allah and makes a difference in the lives of those in need. By using a zakat calculator and donating through Muslim Charity, you are ensuring that your contribution has the maximum impact. We encourage you to take advantage of our zakat calculator on the Muslim Charity to fulfill your obligations with ease and confidence.

Through zakat, together, we can bring hope, provide relief, and create sustainable change in communities across the globe. Donate your zakat today and experience the spiritual and societal rewards that come with this beautiful act of charity.

#muslim charity #muslim charities #zakat #zakatcalculator

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nehashetty · 30 days ago

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Global Finance Synergy: TI Plus, Islamic Lending, and Fintech Partners

The financial ecosystem is evolving rapidly, driven by the collaboration between financial technology partners, innovative trade finance models, and diverse lending solutions. In this landscape, TI Plus trade finance, Islamic lending, and loan servicing solutions are playing pivotal roles in shaping the global financial sector. This blog explores how these elements intertwine to offer seamless global trade finance solutions, empowering institutions to thrive in today’s interconnected economy.

1. The Role of Financial Technology Partners in Modern Finance

Financial technology partners (Fintech partners) are essential catalysts in the digital transformation of financial services. They offer specialized expertise, innovative technologies, and automated solutions that streamline lending, trade finance, and servicing operations. These partnerships allow financial institutions to adopt advanced platforms without needing to develop them in-house, enhancing operational efficiency and reducing costs.

By integrating fintech solutions, financial institutions can automate processes such as loan servicing, trade finance transactions, and payment reconciliations. For TI Plus trade finance, fintech partners help ensure faster processing and transparency in cross-border trade, thereby reducing bottlenecks and improving cash flow for businesses.

Key Benefits of Fintech Partners:

Streamlined loan servicing solutions through automation

Enhanced trade finance processes with faster transaction management

Reduced operational costs and improved scalability

2. TI Plus Trade Finance: Enhancing Cross-Border Transactions

TI Plus trade finance provides a comprehensive platform designed to facilitate seamless international trade. Global trade finance solutions like TI Plus help mitigate risks by offering a mix of credit guarantees, financing options, and documentation services. The integration of financial technology partners into TI Plus systems ensures that businesses can enjoy greater efficiency in managing trade payments and accessing working capital.

In the world of global trade, delayed payments or documentation errors can disrupt the entire supply chain. TI Plus trade finance solutions address these issues by automating transaction monitoring and documentation workflows. Through fintech collaborations, these platforms reduce risks and eliminate manual errors, making trade finance more accessible to companies of all sizes.

3. Islamic Lending: A Growing Segment in Global Finance

Islamic lending, which adheres to Sharia-compliant principles, is gaining traction as a preferred alternative to conventional loans. Unlike traditional lending, Islamic finance prohibits interest-based transactions (riba) and promotes profit-sharing arrangements. This ethical approach appeals to both Muslim and non-Muslim investors seeking socially responsible financial solutions.

The integration of fintech partners into Islamic lending platforms enhances customer experience by enabling digital loan processing, automated underwriting, and real-time servicing. Institutions offering Islamic lending are also collaborating with financial technology partners to offer seamless loan servicing solutions that align with both Sharia principles and modern financial practices.

How Fintech Empowers Islamic Lending:

Digital onboarding and loan approvals for faster access to funds

Automated profit-sharing calculations for better transparency

Efficient loan servicing solutions compliant with Islamic principles

4. Loan Servicing Solutions: The Backbone of Lending Operations

Loan servicing solutions are critical for managing loan portfolios efficiently, whether for traditional loans or Islamic financing. These solutions ensure smooth operations by automating payment collection, interest or profit calculations, and reporting. Fintech partners have significantly enhanced loan servicing by providing platforms that offer real-time analytics, customer self-service portals, and automated reminders.

The synergy between TI Plus trade finance, Islamic lending, and fintech-enabled loan servicing solutions ensures financial institutions can handle both conventional and alternative lending models effectively. With cross-border lending becoming more common, loan servicing solutions powered by financial technology partners play a crucial role in ensuring compliance and operational excellence across diverse markets.

5. Global Trade Finance Solutions: A Unified Ecosystem

Global trade finance solutions are essential for supporting international trade by offering tools to manage risks, improve liquidity, and facilitate smoother transactions. TI Plus trade finance platforms provide businesses with credit facilities, payment guarantees, and insurance against political or market risks. When these solutions are integrated with advanced loan servicing platforms and fintech tools, the result is a robust ecosystem capable of effortlessly handling complex financial transactions.

Islamic lending also plays a significant role in global trade finance, as it offers alternative financing models that comply with ethical principles. Combining Islamic lending with TI Plus trade finance and fintech partners creates a synergy that meets the needs of diverse stakeholders, including governments, corporations, and SMEs engaged in global trade.

6. The Future of Global Finance Synergy

As financial markets continue to evolve, the synergy between TI Plus trade finance, Islamic lending, and fintech solutions will become even more crucial. Financial technology partners will play a leading role in enabling seamless transactions, whether through blockchain-based trade finance platforms or AI-powered loan servicing solutions. Institutions embracing this synergy will be better positioned to offer comprehensive global trade finance solutions that cater to the needs of modern businesses.

Additionally, Islamic lending is expected to grow further, driven by demand for ethical financial solutions. Fintech-enabled platforms will continue to bridge the gap between traditional financial practices and emerging trends, offering efficient loan servicing solutions and trade finance models.

Conclusion

The synergy between financial technology partners, TI Plus trade finance, Islamic lending, and loan servicing solutions is reshaping the global financial landscape. This collaboration ensures smoother cross-border trade, faster loan servicing, and ethical lending practices. With fintech at the core, financial institutions are better equipped to offer comprehensive global trade finance solutions that meet the diverse needs of modern businesses.

Embracing this interconnected ecosystem will enable financial institutions to stay competitive, manage risks effectively, and tap into new markets. The future of global finance lies in leveraging these synergies to drive innovation, inclusivity, and sustainable growth.

#financial technology partners #global trade finance solutions #TI Plus trade finance #loan servicing solutions #Islamic lending

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fincrifblogs · 1 month ago

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Cultural Attitudes Towards Personal Loans: A Global Perspective

In an increasingly interconnected world, financial practices and attitudes can vary dramatically from one culture to another. One of the most significant aspects of this is how different societies view borrowing, especially personal loans. Understanding these cultural attitudes can shed light on why people in certain regions may be more inclined to utilize loans, while others might avoid them altogether. In this blog, we’ll explore the diverse perspectives on personal loans across the globe and how these views impact loan utilization.

The Spectrum of Attitudes

1. Trust and Community Ties

In many collectivist cultures, such as those found in parts of Asia, Africa, and Latin America, borrowing is often viewed through the lens of community and family ties. For instance:

Community Lending: In countries like Kenya, informal lending circles, known as "chamas," allow members to pool resources and provide loans to one another. This fosters trust and reduces the stigma often associated with borrowing.

Family Support: In many cultures, it’s common to turn to family before considering a formal loan. Borrowing from relatives is often preferred due to lower or no interest rates and the absence of strict repayment schedules.

2. Stigma and Financial Prudence

Contrastingly, in more individualistic societies like the United States or parts of Northern Europe, borrowing can carry a stigma, particularly when it comes to personal loans. Factors influencing this attitude include:

Financial Independence: Many individuals pride themselves on their ability to live within their means. Taking on debt is often seen as a failure to manage finances effectively, leading to a preference for saving rather than borrowing.

Economic Education: In these regions, financial literacy campaigns emphasize debt management and the dangers of high-interest loans, which can create a cautious approach to borrowing.

3. The Role of Religion

Religion significantly shapes attitudes towards borrowing in various cultures. For example:

Islamic Finance: In many Muslim-majority countries, the principles of Islamic finance prohibit riba (interest), leading to alternative borrowing methods, such as profit-sharing arrangements or community-based lending. This shapes how personal loans are structured and perceived.

Christian Perspectives: In some Christian communities, debt is viewed as a moral failing. This belief can discourage individuals from seeking loans, leading to an emphasis on frugality and saving.

Regional Perspectives on Personal Loans

1. Asia: A Mixed Bag

In Asia, attitudes towards personal loans can vary widely:

China: With a rapidly growing middle class, borrowing is increasingly common. However, traditional values emphasizing self-reliance still influence many, leading to a cautious approach to debt.

Japan: Historically, borrowing has been viewed skeptically. The Japanese culture emphasizes saving and financial prudence, leading many to rely on savings for emergencies rather than loans.

2. Europe: Diverse Views

Europe presents a tapestry of borrowing attitudes:

Northern Europe: Countries like Sweden and Norway prioritize social safety nets, leading to a lower reliance on personal loans. High levels of financial literacy contribute to this trend.

Southern Europe: In places like Spain and Italy, personal loans are more commonly accepted, often viewed as a necessary tool for financing education, home purchases, or business ventures.

3. North America: A Complex Relationship

In the U.S. and Canada, personal loans are prevalent, yet attitudes are complex:

Access to Credit: The credit system encourages borrowing, but the repercussions of debt can lead to a cautious attitude among many individuals, especially after the 2008 financial crisis.

Consumer Culture: On the flip side, a strong consumer culture encourages spending, making personal loans an attractive option for funding lifestyles or significant purchases.

4. Africa: Community-Centric Borrowing

In many African nations, borrowing is often communal rather than individualistic:

Microfinance: Initiatives like microloans have gained traction, providing small amounts of credit to entrepreneurs in underserved communities. This approach fosters economic growth while relying on community support.

Cultural Acceptance: In several cultures, taking out loans for business ventures is seen as a positive step, reinforcing the idea of entrepreneurship and community development.

The Impact of Cultural Attitudes on Loan Utilization

Understanding these cultural attitudes is crucial for both lenders and borrowers. Here’s how they impact loan utilization:

1. Borrowing Behavior

Cultural beliefs significantly shape borrowing behavior. Societies that view debt negatively may see lower loan uptake, while those that embrace borrowing as a normal practice may experience higher utilization rates.

2. Loan Structures

Lenders often tailor their products based on cultural perceptions. In cultures that avoid interest-based loans, alternative structures like profit-sharing or community lending become popular.

3. Financial Education

Cultural attitudes also influence the level of financial education. Societies that emphasize the importance of saving and budgeting may have lower debt levels, while those that encourage borrowing may see a more robust lending market.

Conclusion

Cultural attitudes towards personal loans reveal a rich tapestry of beliefs and practices that influence borrowing behavior across the globe. From communal lending in Africa to the cautious approach in Northern Europe, these perspectives shape how individuals navigate financial emergencies and opportunities.

As globalization continues to influence financial practices, understanding these cultural differences becomes increasingly important for lenders and borrowers alike. By fostering awareness and appreciation for diverse attitudes, we can better navigate the complexities of borrowing and lending in our interconnected world. Whether you’re seeking a loan for a business venture, education, or emergencies, being mindful of cultural perspectives can empower you to make informed financial decisions.

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roshislamic · 2 months ago

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If you’re seeking a loan that aligns with Islamic principles, look no further than NBF Islamic. We offer a wide range of Islamic finance solutions tailored to your needs, whether it's personal financing, home ownership, or business expansion. At NBF Islamic, we ensure that our financing products adhere to Shari’a-compliant principles like Murabaha, where profit rates are agreed upon upfront, without interest (riba).

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#nbf #nbf islamic #finance #loan #murabaha #cashback #visa

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bfscorporate · 2 months ago

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Open a Bank Account in the UAE

Banking in the UAE: A Comprehensive Guide for Residents and Expatriates

The United Arab Emirates (UAE) has established itself as a global financial hub, attracting both residents and expatriates with its diverse range of banking services. Whether you’re a local citizen or an expatriate seeking to manage your finances effectively, the UAE offers a variety of options to suit your needs. This guide will walk you through the banking landscape, the account opening process, and the benefits of banking in this dynamic region. BFS Corporate Consultancy Services

Overview of Banking Services in the UAE

The UAE banking sector is characterized by a mix of local and international banks, offering a wide array of services including personal and business accounts, loans, investment options, and Islamic banking services. The Central Bank of the UAE regulates these institutions, (Open Free Bank Account in UAE) ensuring stability and consumer protection. This robust regulatory framework fosters trust, making the banking system both secure and efficient.

Types of UAE Bank Accounts

Personal Bank Accounts

Savings Account: Ideal for saving money while earning interest.

Current Account: Suitable for day-to-day transactions; usually comes with a debit card and checkbook.

Fixed Deposit Account: Offers higher interest rates for money that can be locked in for a specified term.

Business Bank Accounts

Corporate Current Account: For businesses to manage daily transactions.

Business Savings Account: For businesses that wish to save while earning interest.

Merchant Account: To facilitate online and card payments.

How to Open a UAE Bank Account-

Requirements

Identification

Valid passport with a UAE residency visa.

Emirates ID (if applicable).

Proof of Address

Utility bill or tenancy contract showing your current address.

Income Proof

Salary certificate or a letter from your employer (for personal accounts).

Business license and financial statements (for business accounts).

Minimum Deposit-

Most banks require an initial deposit, which varies by bank and account type.

Steps to Open an Account-

Choose a Bank

Research banks in the UAE and compare services, fees, and account features (Open Free Bank Account in UAE).

Visit the Bank or Apply Online

Many banks allow you to open an account online. Fill out the application form and submit the required documents.

Verification Process

The bank will review your application and documents. This may take a few days.

Account Setup

Once approved, you will receive your account details, debit card, and online banking credentials.

Opening a UAE Bank Account-

Many banks in the UAE now offer the convenience of online account opening. Here’s a general guide:

Visit the Bank’s Website

Navigate to the online account opening section.

Fill Out the Application Form

Provide personal information, upload identification documents, and proof of address.

Submit the Application

Some banks may require you to complete a video verification.

Receive Confirmation

Upon approval, you will get an email or message confirming your new account details.

Advantages of Free Opening a Bank Account-

Tax Advantages: The UAE has no income tax, making it benefits for savings.

Advanced Banking Services: Access to online banking, mobile apps, and international money transfers.

Diverse Currency Options: Ability to hold accounts in multiple currencies.

Financial Stability: The UAE has a robust banking system and a stable economy.

Business Bank Accounts in the UAE

For businesses, having a local bank account is crucial for operational efficiency. Here are some key points (Open Free Bank Account in UAE):

Eligibility:

Companies must have a valid trade license and other business documents.

Banking Services:

Most banks offer tailored services such as business loans, merchant services, and investment accounts.

International Transactions:

UAE banks provide competitive rates for international wire transfers, making it easier for businesses to operate globally.

#Open a Bank Account in the UAE #Bank Accounts in the UAE #UAE Bank Accoutant

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glennprior · 2 months ago

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How Islamic Finance Supports Innovation and Entrepreneurship

Islamic finance has experienced rapid growth over the past few decades, with global assets in Islamic financial institutions surpassing $2.88 trillion in 2020, according to the Islamic Finance Development Report 2020. This growth highlights the increasing importance of Shariah-compliant financial systems that prioritize ethical principles, social justice, and risk-sharing. A key area where Islamic finance is making a significant impact is in fostering innovation and entrepreneurship. By offering unique financial products and a strong ethical foundation, Islamic finance supports entrepreneurs in various industries while promoting sustainable growth. This article explores the ways in which Islamic finance helps drive innovation and entrepreneurship, examining the principles that underpin it and the tools it offers to aspiring business owners.

Principles of Islamic Finance and Their Impact on Entrepreneurship

At the core of Islamic finance are the ethical and moral principles derived from Shariah law, which set it apart from conventional finance. These principles include the prohibition of interest (riba), the avoidance of excessive uncertainty (gharar), and the emphasis on profit-sharing and risk-sharing. By adhering to these principles, Islamic finance provides an environment conducive to ethical and socially responsible entrepreneurship.

1. Prohibition of Interest (Riba)

One of the most distinguishing features of Islamic finance is the prohibition of interest (riba). Instead of charging interest on loans, Islamic financial institutions use profit-sharing models such as mudarabah and musharakah to finance businesses. These models create a more equitable system, where both the financial institution and the entrepreneur share the risks and rewards of the venture.

Mudarabah: In this partnership model, the financial institution provides capital, while the entrepreneur contributes expertise and management. Profits are shared based on an agreed ratio, but losses are borne only by the financier.

Musharakah: This joint venture model allows both the entrepreneur and the financier to contribute capital and share profits and losses equally, promoting collaboration and innovation.

By eliminating interest-based financing, Islamic finance fosters a more ethical and cooperative business environment, which encourages entrepreneurial ventures that align with Islamic values.

2. Emphasis on Risk-Sharing

Islamic finance operates on a risk-sharing principle, which ensures that both the investor and the entrepreneur are exposed to the financial outcomes of the project. This system promotes a more balanced and equitable financial relationship, motivating entrepreneurs to focus on sustainable growth and responsible business practices. Risk-sharing reduces the likelihood of over-leveraging and unsustainable debt, which are common in conventional financing systems.

This approach is particularly beneficial for startups and small businesses, as it provides financial stability without the pressure of fixed interest payments, allowing entrepreneurs to focus on long-term success rather than short-term profits.

How Islamic Finance Encourages Innovation

Innovation is a critical component of any entrepreneurial endeavor, and Islamic finance provides several mechanisms to support and promote innovative ventures. By offering flexible financing models and focusing on ethical investments, Islamic finance creates an environment that encourages creativity and new ideas.

1. Flexible Financing Models

Traditional financing often comes with strict repayment schedules and interest obligations, which can stifle innovation and risk-taking. In contrast, Islamic finance offers profit-sharing and asset-backed financing models that allow entrepreneurs to experiment with new ideas without being burdened by fixed costs. This flexibility is particularly advantageous for startups and tech-driven companies that require substantial initial investment but may not generate immediate profits.

Murabaha: This cost-plus financing model allows entrepreneurs to purchase assets and repay the cost in installments, making it easier for businesses to acquire the tools and equipment they need for innovation.

Ijara: Ijara functions as an Islamic leasing model, where the financial institution purchases an asset and leases it to the entrepreneur. This model gives businesses access to essential equipment or real estate without the need for outright ownership, fostering innovation and growth.

By providing flexible financing options, Islamic finance ensures that entrepreneurs have the resources to invest in innovative technologies and ideas without the constraints of traditional loan systems.

2. Focus on Ethical and Socially Responsible Investments

Islamic finance’s emphasis on ethical investments means that it prioritizes ventures that contribute to the well-being of society. This focus encourages entrepreneurs to innovate in areas such as renewable energy, healthcare, education, and technology, which have a positive impact on communities and the environment.

For example, many Islamic financial institutions invest in green technologies and sustainable development projects, providing entrepreneurs with the opportunity to innovate in industries that align with both Shariah principles and global sustainability goals. This focus on ethical entrepreneurship encourages business leaders to think creatively about how they can develop solutions that benefit both their stakeholders and society at large.

3. Promoting Financial Inclusion

Islamic finance is particularly effective at promoting financial inclusion, offering financial services to individuals and businesses that may be excluded from conventional banking due to interest-based systems or a lack of collateral. By offering interest-free financing and risk-sharing models, Islamic finance opens up opportunities for marginalized communities to participate in entrepreneurial activities.

This inclusivity fosters innovation in underserved markets, as entrepreneurs are empowered to develop solutions tailored to the specific needs of their communities. Islamic microfinance institutions, for example, provide small loans to entrepreneurs in developing countries, helping them start businesses and drive economic growth in their regions.

Real-World Examples of Islamic Finance Supporting Entrepreneurship

There are numerous examples of how Islamic finance has supported innovative ventures and entrepreneurs around the world. By offering Shariah-compliant financial products, Islamic financial institutions have helped foster innovation in both Muslim-majority and non-Muslim countries.

1. Dubai’s Innovation Ecosystem

Dubai has emerged as a hub for innovation and entrepreneurship in the Middle East, thanks in part to its robust Islamic finance sector. The Dubai government has partnered with Islamic financial institutions to launch initiatives that promote entrepreneurship in areas such as fintech, healthcare, and renewable energy. Through Islamic venture capital and startup incubators, entrepreneurs have access to Shariah-compliant funding that supports their innovative projects.

2. Islamic Microfinance in Southeast Asia

In Southeast Asia, Islamic microfinance institutions have played a key role in supporting small-scale entrepreneurs in countries like Indonesia and Malaysia. By offering interest-free loans and profit-sharing agreements, these institutions help entrepreneurs start businesses in industries such as agriculture, handicrafts, and technology. This not only fosters innovation but also promotes financial inclusion and economic growth.

The Role of AIMS in Islamic Finance Education

The American Institute of Management Studies (AIMS) has been instrumental in promoting quality education in Islamic finance on a global scale. Through programs like the Doctorate (PhD) In Islamic Finance and Economics, AIMS equips students with the knowledge and skills necessary to navigate the complexities of Islamic finance while supporting innovation and entrepreneurship. AIMS has been a leader in shaping the next generation of Islamic finance professionals, helping them make a meaningful impact in the world of finance and business.

FAQs: How Islamic Finance Supports Innovation and Entrepreneurship

Q1: What is the main difference between Islamic finance and conventional finance for entrepreneurs?

A: One of the key difference between Islamic and conventional banking lies in the prohibition of interest (riba) in Islamic finance. Instead of interest-based loans, Islamic finance uses profit-sharing models, where both the entrepreneur and the financier share risks and rewards. This promotes a more equitable and cooperative financial environment.

Q2: How does Islamic finance encourage innovation?

A: Islamic finance encourages innovation by offering flexible financing models such as mudarabah and murabaha, which allow entrepreneurs to experiment with new ideas without the burden of fixed interest payments. Additionally, Islamic finance focuses on ethical investments, promoting innovation in areas like technology, healthcare, and sustainable development.

Q3: Can non-Muslim entrepreneurs benefit from Islamic finance?

A: Yes, non-Muslim entrepreneurs can benefit from Islamic finance. The principles of risk-sharing, ethical investing, and profit-sharing are appealing to any entrepreneur looking for an alternative to conventional financing. Islamic finance institutions offer products that promote innovation and inclusivity, making them accessible to a wide range of businesses.

Q4: What role does Islamic microfinance play in supporting entrepreneurship?

A: Islamic microfinance institutions provide small, interest-free loans to entrepreneurs in underserved communities, promoting financial inclusion and helping individuals start businesses. This is especially beneficial in developing countries, where access to traditional banking may be limited.

Q5: Where can I learn more about Islamic finance and its impact on entrepreneurship?

A: Institutions like AIMS offer specialized programs, such as the Doctorate (PhD) In Islamic Finance and Economics, which provide in-depth knowledge about the role of Islamic finance in supporting innovation, entrepreneurship, and economic growth.

Conclusion

Islamic finance offers a unique and ethical approach to supporting innovation and entrepreneurship. By promoting risk-sharing, ethical investments, and financial inclusion, Islamic finance fosters an environment where entrepreneurs can thrive. Flexible financing models such as mudarabah and musharakah enable business owners to innovate and pursue their ventures without the burden of interest-based loans. As Islamic finance continues to grow and expand its influence, its role in driving sustainable entrepreneurship and innovation will only become more significant. Through educational programs like those offered by AIMS, the next generation of entrepreneurs and financial professionals will be well-equipped to harness the power of Islamic finance in creating a more equitable and innovative global economy.

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